Tag Archives: Welfare-Warfare State

Bill Bonner: The End of the World As We Know It

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Bill-Bonner2

“People become ‘educators’ and never teach a single student. They go on ‘disability.’ They turn whole industries – defense, health, finance – into vast wealth transfer schemes that produce little or no net benefit for the people they are supposed to serve. In short, zombies consume more than they produce; they are a net negative for society. But Hadas is right about the effects of lower birthrates. They also lower ‘growth.’ And without substantial growth, life as we have known it will come to an end. Stocks will fall, creditors (bondholders, for example) won’t be paid, and governments must cut back on their expenses… or go broke.”

http://www.billbonnersdiary.com/articles/bonner-end-of-world.html

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The astonishing collapse of work in America

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“Both demand and supply factors are at play in this disheartening dynamic. On the demand side, it seems fairly clear that our contemporary economy is just not generating jobs and work as robustly as it did in the past—even the relatively recent past. This can be seen as a ‘structural’ problem. For on the supply side, it is apparent that there has been a major behavioral change in America, wherein a growing proportion of working-age Americans are checking out of paid labor altogether. Suffice it to say that not working at all is neither unthinkable nor unaffordable these days, even for adults in the prime of life.”

http://www.aei.org/article/economics/the-astonishing-collapse-of-work-in-america/

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John Williams: Pulling Back the Curtain on Phony Government Statistics

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“The crux of the dollar-debasement and ultimate, severe-inflation/hyperinflation issues indeed is this political inability of the United States to cover its long-range obligations, other than by printing the money it needs. Based on the US Treasury’s financial accounting of the federal government using generally accepted accounting principles (GAAP), the GAAP-based federal budget deficit was $6.6 trillion in fiscal-year 2012 (year ended September 30). Well beyond the simple cash-based deficit of $1.1 trillion in fiscal 2012, the GAAP-based annual deficits have been in the range of $4 to $5 trillion for the six years leading up to 2012.”

http://www.caseyresearch.com/cdd/pulling-back-the-curtain-on-phony-government-statistics

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Detroit Cancels City Blight Tour for Creditors

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EPJ13

“Creditors of the city of Detroit aren’t interested in the city blight, they want their money.  Emergency Manager Kevyn Orr’s office announced Tuesday afternoon that a bus tour of Detroit planned for 25 creditors who are being asked to forgive the city’s debt has been cancelled, reports AllMichigan.com.   Orr has been trying to get city creditors, who are owed billions, to accept massive concessions in order to prevent bankruptcy.  And don’t think Detroit is anomaly, crises are developing in other cities and some states.”

http://www.economicpolicyjournal.com/2013/07/detroit-cancels-city-blight-tour-for.html

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Japanese Are Bailing Out of US Treasury Bonds

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EPJ13

“It appears that the bulk of the bonds that Japanese investors sold in May were US Treasurys and the roughly $30 billion were a record amount. This follows the $15.5 billion sales in April.  May was the fifth consecutive month Japanese investors have reduced their U.S. Treasury holdings and over this period sold about 8 trilion yen.  The second-quarter selloff appears driven to a larger extent by worries about Fed tapering and its potential to push up global bond yields, they said. This is what is going to make it very difficult for the Fed to slow/stop buying Treasury securities. When they slow/stop, there will be even more upside pressure on rates, with very serious sellers.”

http://www.economicpolicyjournal.com/2013/07/japanese-are-bailing-out-of-us-treasury.html

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eEconomics Episode 10: Austerity

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eEconomics Episode 10: Austerity

“David examines austerity and its effects on austerity and austerity austerity. Also, austerity is discussed briefly. A note on Reinhart-Rogoff: Who cares? The idea of fiscal responsibility wasn’t created in a Harvard classroom three years ago. (a) we don’t have austerity (b) two people messing up a spreadsheet doesn’t somehow negate the laws of economics. Also, we’ve actually had deficit spending/stimulus. That’s what demonstrably didn’t work. But now that’s seen as the solution once again because of a spreadsheet advocating a policy we don’t follow? It’s too insane to really think about.”

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Government Student Loan Program a Scam?

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“If you think the federal student-loan program looks like a bad deal for taxpayers, imagine how it would look with honest accounting. And now you don’t need to imagine thanks to a new [CBO] report that’s receiving far too little attention. Turns out that the official ‘savings’ for taxpayers of $184 billion over the next decade really add up to $95 billion in losses.’ The ‘scam’ is that Congress has enabled a huge subsidy for universities while claiming that student loans create huge tax savings, the editorial says. It can make that claim because a 1990 law ‘requires a deliberate under-counting of the cost of defaults,’ the editorial says.”

http://www.moneynews.com/FinanceNews/Student-loan-program-scam/2013/07/04/id/513404

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Senators push bill to replace Fannie, Freddie with national mortgage insurance

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“The two firms, which back nearly half of all new U.S. home loans, were chartered by Congress to expand mortgage finance but operated as private, profit-making companies. Given the central role they played in the financial system, the government felt compelled to bail them out when they ran into trouble. The bill would require private entities to buy mortgages from lenders and issue them to investors as securities. Private equity would be required to absorb a 10 percent loss of the principal underlying those new mortgage-backed securities if the loans went bad. A new guarantor, called the Federal Mortgage Insurance Corp., would replace Fannie Mae and Freddie Mac.”

http://www.reuters.com/article/2013/06/25/us-usa-housing-reform-idUSBRE95O0WI20130625

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Pentagon puts 650,000 workers on unpaid leave due to cuts

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“Heavy US government spending cuts took a sharp swing as the Pentagon began putting about 650,000 civilian workers on unpaid leave. The Department of Defense’s civilian employees face furloughs of up to 11 days through the end of the fiscal year on September 30. The pay pinch was expected to have the most immediate impact in areas with a large military presence, such as greater Washington DC, California and Texas.  The International Monetary Fund last month assailed the sharp spending cuts as ‘excessively rapid and ill-designed.'”

http://www.rawstory.com/rs/2013/07/08/pentagon-puts-650000-workers-on-unpaid-leave-due-to-cuts/

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Mali to Ban Native Gold Mining … Was Jim Willie Right About French Gold Seizures?

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Mali to Ban Native Gold Mining … Was Jim Willie Right About French Gold Seizures?

“The French not so long ago invaded the impoverished African country of Mali. This invasion was said to have been caused by French concern that Al Qaeda mercenaries from Libya (also destabilized by the French, Americans, NATO, etc.) were finding sanctuary and beginning a further destabilization. If this report by RT is correct, Willie’s suspicions look to have been confirmed. Under guise of concern about local mining and lack of taxes, the Mali ‘government’ has decided to shut down the industry in favor of broad, outside prospecting. Swiss surveyors and other representatives of international mining firms are arriving in Mali to take over from the locals.”

http://www.thedailybell.com/29222/Mali-to-Ban-Native-Gold-Mining–Was-Jim-Willie-Right-About-French-Gold-Seizures

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